Miami Home Prices – How Much Do You Offer?

January 9th, 2009 Categories: For Buyers

I am often asked by Miami home buyers how much to offer on a home that’s for sale. To be more specific, I am asked what percentage under List Price makes an acceptable offer.

Well, here’s the problem… there is no set percentage because the list prices are all over the place. If a home is valued at $200,000 and is listed at $200,000, I would say go no lower than $190,000 (or 5% less). But list price is not always market value. List price is often much higher than market value.

Because list prices are not always in line with market value, you can’t use them to figure out your offer price. You really need to have your agent look at comparable sales as well as comparable listings which are priced low (usually foreclosures).

Read the rest of this entry »

Spoken by Maggie Dokic | Discussion: 2 Comments »